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Real estate prices in Tallinn down 19% in September 2008
Despite slight growth in transactions and monetary volumes, the prices for apartments continued to decrease in Estonia in September 2008 – as compared to September of the year 2007 the decrease in apartment prices in Tallinn was 19% in September 2008, BBN reported.
Prices of dwellings located in the very centre of the city fell even 25%, real estate company Ober-Haus said in the market overview.
As compared to April 2007 or a period of real estate boom in Estonia, the decrease in prices in Tallinn was 22% on average, and in the centre of the town – 30% on average.
Today prices for apartments in older apartment buildings of dormitory suburbs start from 13,000 kroons per m˛. Most of the transactions with such apartments are made in a price category from 15,000 to 18,000 kroons per m˛. The prices for new apartments start from 16,000 kroons per m˛ in suburbs and from 25,000 kroons per m˛ in the centre. An apartment in satisfactory condition in the centre of the city can be bought already starting from 18,000 kroons per m˛. The demand is very weak for apartments costing from 30,000 kroons m˛. There were only few transactions that were made at the price of 35,000 kroons per m˛.
The hike in heating costs in autumn will be added to increased payments for mortgage credits. On this basis it is considered rather probable that the number of sales offers will increase, bringing with it additional decrease in the prices, Ober-Haus writes.
Potential buyers pay more attention to municipal costs, mostly heating costs.
Combined use of different types of heating systems could be an important argument when selling an apartment. Thus in the opinion of Ober-Haus, the liquidity of the real estate market is still decreasing and the pressure on the reduction of prices, taking into account the current economic situation, is rising.
The real estate company advises both buyers and sellers to consult experienced specialists before purchasing real estate.
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Tallinn’s airport, harbours as well as bus and train stations are all located within easy reach of the city centre and Old Town.
Eventful Tallinn:
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Useful information:
Official name: Republic of Estonia (in Estonian: Eesti Vabariik).
Capital Tallinn - 397 thousand inhabitants.
The currency is the Estonian kroon (EEK) (1 EUR =15.6466 EEK)
Emergency numbers in Estonia: police 110, ambulance and fire department 112
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